Cloud Backup Market to Grow at Impressive Double-Digit CAGR through 2022, Forecasts M&M in Its New Report Available at MarketPublishers.com23 Jun 2017 • by Natalie Aster
LONDON – Rapidly rising data volumes, rising adoption of SaaS, lower costs and higher efficiency (in comparison to on-premises backup), such benefits as faster deployment and scalability, and enhancing awareness of cloud backup amid enterprises worldwide are the major factors driving growth in the global cloud backup market. This year, the market value stands at around USD 1.3 billion. However, enterprises face certain challenges in cloud backup adoption, for instance, difficulty in achieving compliance, enhancing concerns associated with data privacy and governance, and bandwidth limitations.
In the next 5 years, the value of the world’s cloud backup market is poised to grow at an impressive CAGR of slightly over 26% to go beyond USD 4.13 billion by 2022.
System integration service is predicted to exhibit the highest growth rate between 2017 and 2022.
Amid all regional markets for cloud backup, North America is expected to hold the lion’s share of the overall market, whilst the highest growth rates through 20222 are likely to be registered in the APAC market.
New research study “Cloud Backup Market by Component, Provider, Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022” prepared by MarketsandMarkets (M&M) delves into the market landscape and investigates the market performance across the key geographies.
This cutting-edge study includes reliable information on the cloud backup market segmentation (on the basis of components, deployment modes, verticals and organization size), dynamics and major growth influencing factors. It highlights the competitive landscape, profiles prominent players, discusses the prevailing trends and also outlines future growth challenges, prospects and opportunities. Besides, the report contains future forecasts for the cloud backup market through 2022.
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